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Cyber crime: RBI advises banks to set up whistle blowing system

feedsportal | Posted By : |7 years ago |38 Views

Concerned over rising incidents of cyber crime, the RBI has suggested banks to put in place a strong whistle blowing system.

"Appropriate mechanisms need to be established in banks...including transaction monitoring teams in banks and to investigate them (disputes or suspicions raised by stakeholders) thoroughly. Banks should have a well publicised whistle blowing mechanism," RBI said.

This suggestion is part of the central bank's guidelines on information security, electronic banking, technology risk management and cyber frauds.

RBI further said that employee awareness is crucial to fraud prevention.

"A positive way of creating employee awareness is to reward employees who have gone beyond their call of duty, and prevented frauds. Awards may be given to employees who have done exemplary work in preventing frauds," the RBI said.

With the advances in information technology, most banks in India have migrated to core banking platforms and have moved transactions to payment cards (debit and credit cards) and to electronic channels like ATMs, internet banking and mobile banking.

Fraudsters have also followed customers into this space. "However, the response of most of the banks to frauds in these areas needs further improvement, thereby avoiding putting the entire onus on the customer," the RBI said.

It said most retail cyber and electronic banking frauds would be less than Rs 1 crore.

A need is therefore felt to have an industry-wide framework on fraud governance, with particular emphasis on tackling electronic channel based frauds, it said.

RBI had appointed a Working Group headed by RBI Executive Director G Gopalakrishna on various issues arising out of the use of information technology in banks.

The apex bank examined various issues and made its recommendations in nine broad areas, including IT Governance, Information Security and Cyber Fraud.

In the guidelines, RBI said banks need to ensure implementation of basic organisational framework and put in place policies and procedures which do not require extensive budgetary support, infrastructural or technology changes, by October 31, 2011.